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A surprise earnings report from Clear Channel Communications is likely to bolster arguments by angry shareholders who want to block the radio giant’s $26 billion takeover by Thomas H. Lee Partners and Bain Capital.

Clear Channel, which owns Z-100 in New York, said yesterday that fourth-quarter profit rose 15 percent to $210 million as advertising sales from radio stations and its billboard unit increased. Sales and profit topped analysts’ estimates.

The proposed buyout by TH Lee and Bain has come under heavy pressure from several shareholders who claim the $37.60 a share price is too cheap, especially in light of growth at the outdoor unit.

Two-thirds of Clear Channel’s shareholders must approve the deal at a March 21 special meeting.

Fidelity Investments, the largest shareholder with an 11 percent stake, as well as several other investors, including Highfields Capital Management, plan to vote against the deal, according to sources.

“We continue to believe a buyout may be rejected in the initial vote at the current office price of $37.60,” said Stifel Nicolaus analyst Kit Spring. “We believe the bid will be raised to $39, a level we think will be accepted.”

But investors betting that TH Lee and Bain will increase their offer might be disappointed. The two firms believe Clear Channel ran a full and fair auction and raising their bid after complaints from shareholders could set a dangerous precedent for future buyouts, said sources close to the deal.

“I don’t think these guys want to raise their bid every time shareholders complain that a price is too low,” said one investment banker.

Clear Channel is expected to begin meeting with shareholders in early March to rally support for the deal. The recommendation of proxy advisory firm Institutional Shareholder Services will be a key indicator of where the vote is likely to come out because index funds and other investors typically follow the firm’s advice.